NU Online News Service, June 14, 3:03 p.m. EDT
Despite a third consecutive year of underwriting losses, Fitch Ratings says it is maintaining its stable outlook on the personal-lines insurance market based on the industry's strong capital position and expectations that market pricing conditions will continue to trend positively.
In a special report, Fitch says the personal-lines market showed a modest deterioration in its 2010 combined ratio compared to 2009. The 102.4 combined ratio, Fitch adds, reflects continued competition, ongoing impact from the economic recession, and losses in the homeowners segment from natural catastrophes. The three straight years of underwriting losses follow five strong years of underwriting profits from 2003-2007, Fitch notes.
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